Question

purchase of chair from happy traders for₹35 has been entered in the purchase book as ₹53.
Rectify this entry​

Answer 1

Check the above pic for answer.

In rectified entry Happy traders is dr. bcz in wrong entry it was credited by excess amt.

And, purchase account is credited bcz in wrong entry it was debited so to show its nill effect its necessary to credit it.

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Answer 2

Answer:

After making this journal entry, the buy e book entry will additionally want to be corrected to exhibit the right buy charge of ₹35.

Explanation:

From the above question,

To rectify this entry, we want to make a journal entry to right the mistake in the buy book. Since the buy e book has overstated the quantity of the purchase, we want to minimize the quantity to mirror the right buy rate of ₹35.

The journal entry to right the buy e book entry would be:

Purchase Book:

Date                         Particulars                 L.F.                   Amount

DD/MM/YYYY          Happy                      ] Traders              ₹53

Journal:

Date                                 Particulars                        L.F.             Debit Credit

DD/MM/YYYY                Purchase Account                                 ₹18

| To Happy Traders Account |           |             |           ₹18

The Purchase Account is being debited to limit the quantity of the buy e book entry from ₹53 to ₹35, the right buy price.

The Happy Traders Account is being credited to exhibit that the correction has been made, and the right quantity of ₹35 will be paid to them.

After making this journal entry, the buy e book entry will additionally want to be corrected to exhibit the right buy charge of ₹35.

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